1 st Year Examination : Summer FINANCIAL ACCOUNTING l NEW SYLLABUS. PAPER, SOLUTIONS and EXAMINERS REPORT

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1 1 st Year Examination : Summer 2009 FINANCIAL ACCOUNTING l NEW SYLLABUS PAPER, SOLUTIONS and EXAMINERS REPORT

2 NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting Technicians Ireland. They are intended to provide guidance to students and their teachers regarding possible answers to questions in our examinations. Although they are published by us, we do not necessarily endorse these solutions or agree with the views expressed by their authors. There are often many possible approaches to the solution of questions in professional examinations. It should not be assumed that the approach adopted in these solutions is the ideal or the one preferred by us. This publication is intended to serve as an educational aid. For this reason, the published solutions will often be significantly longer than would be expected of a candidate in an examination. This will be particularly the case where discursive answers are involved. The solutions are relevant to the tax rates in the year the Examination was sat. A copy of the tax rates is enclosed with the solutions. This publication is copyright 2009 and may not be reproduced without permission of Accounting Technicians Ireland. Accounting Technicians Ireland,

3 NEW SYLLABUS 1 st Year Examination : Summer 2009 PAPER : FINANCIAL ACCOUNTING I Tuesday 19 th May a.m. to p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate clearly whether they are answering the paper in accordance with the law and practice of Northern Ireland or the Republic of Ireland. In this examination paper the symbol may be understood and used by candidates in Northern Ireland to indicate the UK pound sterling and the symbol by candidates in the Republic of Ireland to indicate the Euro. Answer ALL THREE questions in Section A and TWO of the three questions in Section B. If more than TWO questions is answered in Section B, then only the first two questions, in the order filed, will be corrected. Candidates should allocate their time carefully. All workings should be shown. All figures should be labelled as appropriate e.g. s, s, units, etc. Answers should be illustrated with examples, where appropriate. Candidates may ignore any VAT implications to transactions throughout this paper unless the question specifically instructs them to do otherwise. Question 1 begins next page. Candidates may prepare Financial Statements in accordance with IFRS i.e. an Income Statement and a Balance Sheet if they so wish. 3

4 Financial Accounting l Summer st Year Paper SECTION A Answer ALL THREE QUESTIONS (Compulsory) in this Section QUESTION 1 (Compulsory) You are asked by your employer to complete a short note for a client on each of the following: (a) (b) Explain what is meant by "Books of Original (Prime) Entry." The following figures were extracted from the books of Jane Purcell: / Stock 1 st January ,000 Sales ,000 Stock 31 st December ,000 Margin 25% 4 Marks You are required to prepare the trading account for the year ended 31 st December (c) Explain what is meant by mark-up? (d) Explain how and why a petty cash system operates within a business. QUESTION 2 (Compulsory) 8 Marks 4 Marks 4 Marks Total 20 Marks The following Trial Balance was extracted from the books of John Smith on 31 st December 2008: DR CR Buildings... 1,470,000 Motor Vehicles ,000 Fixtures & Fittings ,000 Purchases & Sales... 1,515,000 2,352,000 Stock 1/1/ ,800 Commission Received... 45,000 Provision for Bad Debts... 7,200 Salaries ,000 General Expenses... 18,300 Discount Received... 5,100 Rent Received... 20,400 Mortgage Interest Paid... 13,500 Insurance... 18,600 Debtors & Creditors , ,600 VAT Payable... 23,100 PRSI Payable... 5,400 Bank... 47,700 Drawings... 48,600 Capital... 1,587,300 4,291,800 4,291,800 4

5 Financial Accounting l Summer st Year Paper QUESTION 2 (Cont'd) The following information and instructions are to be taken into account when completing the question. (i) Provide for depreciation on assets as follows: Cost Method of depreciation / Buildings 1,968,000 2% Reducing Balance Motor Vehicles 270,000 15% Straight Line Fixtures & Fittings 600,000 20% Straight Line A full year's depreciation is charged in the year of acquisition and none in the year of disposal. (ii) On the 30 th June 2008 a motor vehicle which had been purchased on 1 st January 2004 for / 48,000 was crashed and not replaced. An insurance claim resulted in / 21,000 being received but not posted to John Smith's bank account. (Ignore VAT) (iii) Stocks at 31 st December 2008 cost / 155,700. This figure includes damaged stocks which cost / 5,000 and which are now only worth / 2,000. (Ignore VAT) (iv) (v) No record had been made in the books for goods in transit on 31 st December An invoice had been received for these goods showing the recommended retail selling price (pre VAT 20%) of / 37,500 which is cost plus 25%. These goods were being delivered directly to John Smith's customer (VAT 20%). Provision for bad debts to be adjusted to 5% of debtors. (vi) The mortgage interest paid is all personal. Requirement You are required to prepare: (a) The Trading Profit & Loss account for the year ended 31 st December (b) The Balance Sheet as at 31 st December Please account for VAT in respect of instruction No (iv). 10 Marks 10 Marks Total 20 Marks 5

6 Financial Accounting l Summer st Year Paper QUESTION 3 (Compulsory) John Jones's Trial Balance failed to agree on 31 st December 2008 and the difference was entered into a suspense account. On examination of the books and records of John Jones the following errors were revealed: (1) The total of the sales daybook / 978,000 had been posted to the sales account as / 879,000. (2) Goods to the value / 36,000 (including 20%) had been returned by a debtor and no entries had been made in the books. (3) Goods taken by John Jones to the value of / 7,800 (excluding 20%) had been credited to the Sale account and debited to the drawings account as / 8,700. (4) Fixtures and Fittings purchased from Killeen's for / 72,500 had been entered in the purchase book and debited to Killeen's account (Ignore VAT). (5) A debt of / 6,000 owed privately to John Jones by a business creditor had been offset in full settlement against a business debt of / 6,300 owed by the business. No entry had been made in the books in respect of this offset. (6) During the year products purchased from ALL RIGHT Ltd had to be recalled. The arrangement was that all expenses incurred by John Jones in recalling goods sold were to be recharged to ALL RIGHT Ltd. The total expense of the recall was / 3,250. It was recorded in the general ledger expense account and has not yet been recharged to ALL RIGHT Ltd. (Ignore VAT) (7) John Jones presented his private car valued at / 4,900 to the business. No entry had been made in the books for this transaction. Later this car was sold on credit to a debtor of the business for / 5,200. The sale had been treated in error as a credit sale. (Ignore VAT) (Ignore Depreciation) Requirement You are required to: (a) (b) Journalise the necessary corrections. Show the suspense account. (Calculate the opening balance) (c) Prepare a statement of adjusted / corrected net profit if the original profit was / 67,980. Please account for VAT as appropriate in this question. 8 Marks 4 Marks 8 Marks Total 20 Marks 6

7 Financial Accounting l Summer st Year Paper SECTION B Answer any TWO of the three questions in this Section QUESTION 4 The assets and liabilities of Green Trees Lawn Tennis Club on 1 st January 2008 were: / Bank & Cash... 83,375 Bar Stock... 8,000 Premises... 1,400,000 Fittings ,000 Subscriptions Due from Previous year... 9,800 Subscriptions paid in advance... 15,000 Tennis coach bonus due... 14,000 During the year, receipts and payments were as follows: Receipts / Subscriptions ,900 Bar receipts ,000 Sundry receipts... 5,890 Locker rental... 4,000 Payments / Bar Supplies ,000 Barman's Wages... 45,000 Tennis Coach Salary and Bonus... 98,000 Rates... 15,000 New Fittings to Locker Rooms... 76,000 Repair to Nets... 1,500 Cleaner's Wages... 21,000 You are given the following information as at 31 st December 2008: / (i) Rates Prepaid... 2,000 (ii) Subscriptions Due... 19,000 (iii) Subscriptions paid in advance... 2,500 (iv) Amounts due for Bar Supplies... 26,300 (v) Depreciation of Premises... 28,000 (vi) Depreciation of Fixtures & Fittings... 89,700 (vii) Bar Stock valued at 31 st December ,500 Requirement You are required to show/prepare: (a) The Accumulated Fund as at 1 st January 2008 (b) The Bank A/C for the year ended 31 st December 2008 (c) The Bar Trading Account for the year ended 31 st December 2008 (d) The Income and Expenditure account for the year ended 31 st December 2008 and the Balance Sheet at that date. 4 Marks 3 Marks 3 Marks 10 Marks Total 20 Marks 7

8 Financial Accounting l Summer st Year Paper QUESTION 5 Mark Smith, a landlord and business man, did not keep a full set of books for the year ended 31 st December He has asked you to prepare accounts for him and has supplied you with the following information: Cash Receipts / Cash balance on hand at 1 st January ,460 Cash Sales ,800 Trade Debtors ,400 Rent Received... 16,500 1,163,160 Cash Payments / Drawings... 93,500 Cash Purchases ,900 Wages... 61,600 Expenses... 10,780 Equipment... 16,720 Creditors ,000 1,094,500 The following information is also available: 1 st January st December 2008 Premises... 1,210,000 1,210,000 Stock , ,400 Motor Vehicles... 57,000 57,000 Trade Creditors ,500 1,090,500 Trade Debtors , ,000 Rent Prepaid by tenant... 12,000 Wages Due... 25,000 35,000 Rent Due by tenant... 6,000 Requirement N. B. Please ignore depreciation. You are required to: (a) Prepare the appropriate ledger accounts to reflect the above transactions. (b) Extract the Trading and Profit & Loss account for the year ended 31 st December 2008 (c) Extract the Balance Sheet as at 31 st December Marks 4 Marks 4 Marks Total 20 Marks 8

9 Financial Accounting l Summer st Year Paper QUESTION 6 On the 30 th November 2008 the bank column on Mark Peters cash book showed a debit balance of / 12,750. His bank statement on the same date showed a balance in the bank of / 13,710. On examination of the cash book and bank statement you find: (1) Mark's wife Mary when lodging business takings of / 5,250 inadvertently lodged it to her private account. (2) Cheques issued by Mark Peters for / 9,450 had not been presented for payment. (3) One cheque No 356 for / 2,220 was entered on the incorrect side of the cash book. (4) Lodgements made in September 2008 and October 2008 amounting to / 1,200 had not been credited by the bank. (5) One lodgement made by Mark Peters for / 1,350 was entered by the bank to the credit of Mary Peters account. (6) A cheque received and lodged by Mark Peters for / 6,150 was dishonoured by the bank. Mark Peters had not made any adjustments in his books for this. (7) Credits to the bank statement not recorded by Mark Peters were Dividends, / 5,700 credit transfer received / 4,800. (8) A Debit to the bank statement not recorded by Mark Peters was bank charges / 600. Requirement You are required to: (a) (b) (c) Adjust Mark Peters cash book in the ledger. 7 Marks Prepare a statement on 30 th November 2008 reconciling the adjusted cash book balance with the bank statement balance. 7 Marks Draft a short note advising Mark Peters on actions that need to be taken in the future in order to eliminate some of the above issues. 6 Marks Total 20 Marks 9

10 NEW SYLLABUS 1 st Year Examination Summer 2009 FINANCIAL ACCOUNTING I Solutions Solution to question 1 (a) Books of Original entry (Prime Books) are where similar financial transactions are listed for the first time normally in chronological order and pre numbered. Each entry will be made from details provided to the business in the form of a purchase invoice, a sales invoice, details from cheque stubs or a remittance advice attached to business receipts. The principle books of original entry are: Purchases Day book Sales Day Book Cheque Payment Book Cash receipts book Petty Cash Expense Book Each book will set out details of every transaction entered. For example the purchase book will analyse each purchase listing the date, the supplier name, the internal purchase number allocated to the purchase invoice, the total amount, the vat amount, the net amount, with this net amount analysed under the appropriate headings, i.e. materials/stock, telephone, rent, stationery, etc. Sales Day Book is also set out in columnar from. Each sale invoice will be entered setting out the date, the invoice number, the customer name, the total value of the sale, the vat element and the sale excluding vat amount. Cheque payments book will record in a columnar format the date and cheque number, the payee the total amount paid analysed to the column for that payment. Most payments would be posted to creditor s column but other columns may be, wages, vat, paye, petty cash etc. At the end of a designated period all the books of original entry are totalled and posted to the various ledger accounts. This posting forms part of the double entry system. Solution to question 1 continued on next page 10

11 Financial Accounting l Summer st Year Solution Solution to question 1 (Cont d) (b) Jane Purcell - Trading Account for the year ended 31 st December 2008 Sales 360,000 Less Cost of Sales Opening Stock 108,000 Purchases 282,000 (Balancing figure) 390,000 (Balancing figure) Less Closing Stock 120,000 Cost of Sales (270,000) (Balancing figure) Gross Profit 25% margin 90,000 (c) Markup is the percentage of the cost of goods sold added on to costs to achieve a selling price. Example: A chicken costs the butcher / He sells the chicken with a markup of 75% = / His selling price will be / 3.50 and his gross profit on each chicken he sells will be / 1.50 thus gross margin = 150 = 52.5% 350 (d) How a Petty Cash System operates within a business A set small amount of cash, called a float, is withdrawn from the company bank account normally by cashing a petty cash signed cheque in the bank. A responsible member of staff, who keeps it in a safe locked box, controls cash. When a small amount of cash is required within the business a petty cash docket is completed setting out details of the cash requirement and authorised. This docket is placed into the cash box and the cash handed over. Where a receipt is received in respect of the purchase for which the cash was issued, this is then attached to the original withdrawal docket. At any one time the total of the remaining cash in the box and the total of all dockets in the box should equal the exact amount of the original float. At the end of a specific period all dockets are totalled and a cheque is cashed for this exact amount bringing the total petty cash back to the original starting amount. This is known as the imprest system. Why a petty Cash system is operated within a business In most businesses there is a requirement for small amounts of cash. For example to purchase supplies for the canteen where there is no credit facility in the local shop, for the purchase of stamps, newspapers, cleaning and other supplies and the reimbursement of staff incidental expenses. The system must control the flow of cash and regular spot checks should be done by an independent member of management to ensure the system is working correctly. 11

12 Financial Accounting l Summer st Year Solution Solution to question 2 Trading Profit & Loss Account for the year ended 31 st December 2008 / Sales 2,389,500 Opening stock 157,800 Add Purchases 1,545,000 Less Closing stock (152,700) Cost of sales 1,550,100 Gross Profit 839,400 Commission 45,000 Discount Received 5,100 Rent 20,400 Profit on disposal of vehicle 1, ,700 Expenses Provision for bad debts 1,800 Salaries 300,000 General Expenses 18,300 Depreciation 182,700 Insurance 18, ,400 Net Profit 390,300 Balance Sheet as at 31 st December 2008 Fixed Assets Cost Acc Dep NBV / Buildings 1,968, ,400 1,440,600 Motor Vehicles 222, , ,500 Fixtures & Fittings 600, , ,000 2,790, , ,100 Current Assets Stock 152,700 Debtors 180,000 Less Provision (9,000) 171, ,700 Current Liabilities Creditors 234,600 VAT 24,600 PRSI 5,400 Bank 26, ,300 Net Current Assets 32,400 Net Assets 1,915,500 Financed By Net Profit 390,300 Capital 1,587,300 Less Drawings (62,100) 12 1,915,500 Solution to question 2 continued on next page

13 Financial Accounting l Summer st Year Solution Solution to question 2 (Cont d) Notes Buildings Motor Vehicles Fixtures & Fittings Total Cost 1,968, , ,000 2,838,000 Add Less disposal (48,000) (48,000) 1,968, , ,000 2,790,000 Accumulated Depreciation 498, , , ,000 Note*` (28,800) (28,800) Depreciation 29,400 33, , , , , , ,900 NBV ,440, , ,000 1,883,100 NBV ,470, , ,000 2,085,000 Note* 4 years 15% PA = 4*(48,000 x 15%) = 28,800 Profit/Loss on disposal of vehicle / Cost 48,000 Acc Dep 28,800 NBV 30/6/08 19,200 Insurance proceeds 21,000 Profit on disposal 1,800 Stock 31/12/08 Cost 155,700 Damaged stock (5,000) Net realisable value 2, ,700 Purchases 1,515,000 GIT 30, Creditors 198,600 Goods in Transit 36, ,600 VAT 23,100 Purchase GIT (6,000) Sales GIT 7,500 24,600 Sales 2,352,000 Goods in transit 37,500 2,389,500 Debtors 135,000 Goods in transit 45, ,000 Provision for bad debts 7,200 Revised provision 5% 9,000 Increase required 1,800 Drawings 48,600 Mortgage interest 13,500 62,100 Bank O/D (47,700) Insurance proceeds 21,000 (26,700) 13

14 Financial Accounting l Summer st Year Solution Solution to question 3 1 Dr Suspense A/c 99,000 Cr Sales 99,000 Being incorrect posting from sales day book 2 Dr Sales Returns 30,000 Dr VAT 6,000 Cr Debtors 36,000 being goods returned from a debtor not entered in the books 3 Dr Sales 8,700 Cr Drawings 8,700 to correct the posting completed in books Dr Drawings 9,360 Cr Stock 7,800 VAT account ` 1,560 being posting required to record the drawing from stock of goods to the value of / 7,800 plus 20% by John Jones 4 Dr Suspense A/C 145,000 Cr Purchase Book 72,500 Cr Killeens A/C 72,500 Dr fixtures & Fittings 72,500 Cr Killeens A/C 72,500 being purchases of fixtures & fittings posted incorrectly 5 Dr Discount received 300 Cr Creditor 300 Creditor 6,000 Drawings 6,000 being a debt owed to John Jones offset against a debt owed by the business. 6 Dr All Right Ltd 3,250 Cr Expenses 3,250 Being costs not recharged to All Right Ltd 7 Dr Motor vehicles 4,900 Cr Capital 4,900 Being introduction of capital by John Jones Dr Sales 5,200 Cr Motor Vehicles 4,900 Profit on sale of motor vehicle 300 Being correction needed to rectify missposting of sale of motor vehicle from cash sales a/c 14 Solution to question 3 continued on next page

15 Financial Accounting l Summer st Year Solution Solution to question 3 (Cont d) Suspense A/C Sales (1) 99,000 Balance (Diff. on T.B.) 244,000 fixtures & Fittings (4) 145, , ,000 Statement of Adjusted Net Profit for year ended 31/12/08 Opening Profit 67,980 Jnl 1 Sales 99,000 Jnl 2 Sales Returns (30,000) Jnl 3 Drawings (9,360) Jnl 4 Purchases 72,500 Jnl 6 Expenses 3,250 Jnl 7 Motor vehicle (sale misposted) (5,200) Profit on sale 300 Adjusted Net Profit 198,470 15

16 Financial Accounting l Summer st Year Solution Solution to question 4 Accumulated Fund as at 1/1/08 Assets Notes Cash / Bank 83,375 1 Subscriptions / Receipts 540,900 Stock 8,000 Subscriptions prepaid 1/1/08 15,000 Premises 1,400,000 Subscriptions due 1/1/08 (9,800) Fittings 598,000 Subscriptions prepaid 31/12/08 (2,500) Subs Due 9,800 Subscriptions due 31/12/08 19,000 2,099,175 Income & Expenditure account 562,600 Less Liabilities Subs 15,000 2 Rates Tennis Coach Bonus Due 14,000 29,000 Expenditure 15,000 Less Rates prepaid (2,000) Accumulated Fund at 1/1/08 2,070,175 13,000 3 Tennis Coach Salaries 98,000 Tennis coach bonus due (14,000) 84,000 Bank Account Opening Balance 83,375 Expenditure 364,500 Receipts 748,790 Balance 467,665 (54, , , ,000) Balance B/D 467, , ,165 Bar Trading Account for the year ending 31 st December 2008 Sales 198,000 Opening Stock 8,000 Purchases (108, ,300) 134,300 Less Closing Stock (9,500) Cost of Stock sold (132,800) Barman s Wages 45,000 Bar Profit 20,200 Solution to question 4 continued on next page 16

17 Financial Accounting l Summer st Year Solution Solution to question 4 (Cont d) Income & Expenditure Account for the year ended 31 st December 2008 Income Subscriptions (Note 1) 562,600 Bar profit 20,200 Sundry Receipts 5,890 Locker rental 4, ,690 Less Expenditure Rates (Note 2) 13,000 Tennis Coach (Note 3) 84,000 Repair to Nets 1,500 Depreciation Premises 28,000 Depreciation Fixtures 89,700 Cleaners wages 21,000 (237,200) Excess of Income over Expenditure 355,490 Balance as at 31/12/08 Cost Depreciation NBV / Premises 1,400,000 (28,000) 1,372,000 Fixtures 674,000 (89,700) 584,300 1,956,300 Current Assets Bar Stock 9,500 Subscriptions Due 19,000 Rates prepaid 2,000 Bank 467,665 Current Liabilities Bar Creditors 26,300 Subscriptions prepaid 2, ,165 (28,800) Working Capital 469,365 Total Net Assets 2,425,665 Financed by Accumulated fund 1/1/08 2,070,175 Add excess of income over expenditure 355,490 2,425,665 17

18 Financial Accounting l Summer st Year Solution Solution to question 5 Workings 1 Rent Rent receipts (Balancing Fig) 16,500 P&L 34,500 Rent due 6,000 Rent Prepaid 1/1/08 12,000 34,500 34,500 2 Debtors Balance 1/1/08 875,000 Cash Receipts 358,400 Credit sales (Balancing Fig) 458,400 Balance C/D 975,000 1,333,400 1,333,400 3 Creditors Payments 528,000 Balance 1/1/08 907,500 Purchases (Balancing Fig) 711,000 Balance C/D 1,090,500 1,618,500 1,618,500 4 Sales / Cash Sales 723,800 Credit sales (From Drs) 458,400 1,182,200 5 Purchase / Cash Purchases 383,900 Credit Purchases (From Crs) 711,000 1,094,900 6 Cash / Bank Balance 1/1/08 64,460 Drawings Sales 723,800 Purchases 383,900 Debtors 358,400 Wages 61,600 Rent 16,500 Expenses 10,780 Equipment 16,720 Creditors 528,000 Balance C/D 68,660 1,163, ,160 Balance B/D 68,660 7 Wages Paid 61,600 Wages Due 1/1/08 25,000 Wages Due c/d 35,000 P&L (Balancing Fig) 71,600 96,600 96,600 Solution to question 5 continued on next page 18

19 Financial Accounting l Summer st Year Solution Solution to question 5 (Cont d) 8 Opening Capital Account Premises 1,210,000 Trade Creditors 907,500 Stock 129,800 Wages Due 25,000 Bank / cash 64,460 Rent Prepaid 12,000 Motor Vehicles 57,000 Capital c/d (Balancing fig) 1,391,760 Trade Debtors 875,000 2,336,260 2,336,260 Trading Profit & Loss Account for the year ended 31/12/08 Sales (See 4) 1,182,200 Opening Stock 129,800 Add Purchases (See 5) 1,094,900 Less Closing Stock (136,400) Cost of Goods sold 1,088,300 Gross Profit 93,900 Rent (See 1) 34,500 Wages (See 7 71,600 Expenses 10,780 (82,380) Net Profit 46,020 Balance Sheet as at 31/12/08 / Fixed assets Premises 1,210,000 Equipment 16,720 Motor Vehicles 57,000 1,283,720 Current Assets Debtors 975,000 Stock 136,400 Bank (See 6) 68,660 Rent Due 6,000 1,186,060 Current Liabilities Creditors (W3) 1,090,500 Accruals 35,000 (1,125,500) Net Current Assets 60,560 Net Assets 1,344,280 Financed By Opening Capital (see 8) 1,391,760 Less Drawings (93,500) Net profit 46,020 1,344,280 19

20 Financial Accounting l Summer st Year Solution Solution to question 6 (a) Bank Account Opening balance 12,750 Miss entry (2,200 x 2) 4,440 Dividends rec 5,700 Dishonoured cheque 6,150 Credit transfer 4,800 Bank Charges 600 Balance c/d 12,060 Balance b/d 12,060 23,250 23,250 (b) Bank Statement Balance 13,710 Add mislodged 5,250 Add misdirected 1,350 Revised bank Balance 20,310 Bank Reconciliation statement as at 30/11/08 Revised Bank Balance 20,310 Less cheques not presented (9,450) Add lodgements not credited 1,200 Reconciled Balance 12,060 (c) It is very unusual to have lodgements made to the bank for the previous two months not credited by the bank. Mark Peters should go to the bank and seek explanations as to why lodgements were not recorded in his account. In addition we would suggest that pre-printed lodgement forms be sourced from the bank which will eliminate the chances of mislodging to Mrs Peters account in the future. 20

21 1 st Year Examination Summer 2009 FINANCIAL ACCOUNTING I Examiner s Report NEW SYLLABUS Overall comment For the third examination under the new syllabus the overall results for this session were below average. Candidates seemed to have major difficulties with questions two and three the Trading Profit & loss account and balance sheet and error correction, suspense account questions. Double entry and knowing how to post / correct transactions is key to understanding accounting. Candidates did not display a comprehensive knowledge of these crucial areas when answering questions in this session. Candidates who know their Debits and Credits will always score well at this accounting level. The narrative question and the bank reconciliation question were generally well answered. Candidates who attempted the club account tended to score well. Overall a disappointing result with over half of the candidates sitting the exam scoring less than 50%. Question 1 The first part of this question was well answered in most cases though a large number of candidates did not include cheque payments and cash receipts books as books of original entry. Many candidates did not explain the format of the books or what details are contained therein. There were 8 marks available for the small numerical second part to this question, which tested candidates understanding of trading accounts and margins. Very few candidates were able to calculate the trading profit. A large number of candidates did not calculate the correct cost of goods sold figure. Many candidates mistook the cost of goods sold as the purchase figure for the year. Part three was generally well answered. Part four was also well answered. 21

22 Financial Accounting l Summer st Year Examiner s Report Question 2 This was a trading profit & loss question. The main difficulties for candidates were: Sales figures were not adjusted for goods in transit. The closing stock figure was not calculated correctly. The profit on disposal of the car was often left out and when attempted was incorrectly calculated. The bad debt provision was calculated incorrectly in many cases. Candidates did not include the value of the crashed motor vehicle in calculating the cost of Motor Vehicles. The depreciation calculation for motor vehicles proved troublesome. A few candidates did not show any structure at all to the balance sheet and produced a trial balance instead. Question 3 In general, candidates found this question challenging and many seemed confused or mixed up when applying basic accounting principals especially in part (a) of the question. The most common errors encountered in the journals were: Part 1 The Sales A/C was debited in error with 99,000, Part 3 The initial error in this entry was corrected but many candidates incorrectly debited sales again and credited vat and drawings, Part 4 Many candidates credited Killeen's a/c with 72,500 and debited suspense a/c with 72,500. Part 5 Some candidates debited the drawings a/c and credited the creditors or suspense a/c with 6,000. Part 6 Here, some candidates debited suspense a/c instead of All Right Ltd account. Part 7 Most candidates were correct in the first part of this section but were lost after that. Many treated the sale of the fixed asset (car) as normal credit sale and had credited sales a/c and debited debtors a/c. The most common errors encountered in the suspense a/c were: All entries for suspense that were incorrectly entered in the journal, were correspondingly entered incorrectly in the suspense a/c. The most common errors encountered in the statement of adjusted profit were: Sales returns of 30,000 were added on. Drawings of 8,700 were not taken away. Fixtures & Fittings of 72,000 were taken away. Expenses of 3,200 were taken away. Question 4 This was a straight forward club account question where candidates who attempted it scored well. The type of areas where marks were not gained were: Many candidates did not prepare the closing balance sheet. Some candidates put the purchase of Locker Room Fittings into the Income and Expenditure Account. Thus many did not put them into the balance sheet. A bar trading account is a trading account and so expenses such as barmen's wages don't go into it they go into the income and expenditure account. 22

23 Financial Accounting l Summer st Year Examiner s Report Question 5 Quite a few candidates scored very well in this question, which required basis accounting skills, i.e. prepare the accounts, extract a Trading Profit & Loss account and prepare a balance sheet. The most common errors noted for this question were: Many candidates did not prepare an opening Statement of Account. Rent prepaid by a tenant was posted to the wrong side of the capital account. The accounts were not always balanced off. The wages prepaid was posted to the wrong side of the wages account. The new equipment purchased was left out of the fixed asset section of the balance sheet. Question 6 A bank reconciliation question which was well answered by candidates, with most candidates who attempted the question scoring very well. Some candidates posted the bank s errors to the books of Mark Peters rather than adjusting the banks opening balance before the reconciliation was completed. 23

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